Canadian building permits rose 15 per cent in October, offsetting a 13 per cent decline in September . The increase in permits was largely a result of surging non-residential construction intentions in Quebec and Ontario. In BC, permitting activity sagged 18 per cent with declines in both residential (-17 per cent) and non-residential (-19 per cent) permit volume. However, this follows an outstanding September that saw permit volumes over $1 billion. Averaging over the last three months, total BC building permits were trending over $920 million per month. On a year-over-year basis, total BC permit volume was 20 per cent higher than October 2011.

Permit activity in BC's four major metropolitan areas moderated in October, with the exception of the Kelowna CMA which saw permit volumes spring forward following previous months of slower activity. Kelowna CMA permits more than doubled in October and were 53 per cent higher year-over-year.  The Vancouver CMA saw total permits fall 40 per cent month-over-month but were up 11 per cent year-over-year in October. In the Abbotsford CMA, permits tumbled following a very strong September. Likewise, the Victoria CMA saw permit volumes fall 31 per cent month-over-month in October,  but were 17 per cent higher than October 2011.

Information provided by www.bcrea.bc.ca

Following the surprise announcement that Mark Carney will be departing to helm the Bank of England, it was back to business as usual at the Bank of Canada as interest rates were once again held constant at 1 per cent. The statement released this morning in support of the interest rate decision noted that while the global economy appears to have stabilized, it still remains vulnerable to major shocks from the US or Europe. The Canadian economy is growing at a slightly softer pace than the Bank expected, but is forecast to pick up in 2013.   On inflation, the Bank sees core inflation returning to its 2 per cent target over the next 12 months.

The Bank once again noted that a gradual withdrawal of monetary stimulus would likely be required, though the timing of such withdrawal would be weighed against global and domestic developments including the evolution of household imbalances. We continue to forecast a 25 basis point increase in the Bank's overnight target rate occurring in mid-to-late 2013.

Information provided www.bcrea.bc.ca

Vacation time and slower work schedules create an ideal time for open houses. However, as homes fill up with presents, decorations and visitors, sellers are often faced with the challenge of striking the right balance between cozy and crammed. Keeping your home tidy and sparingly decorated doesn't mean sellers can't celebrate the season in style, but remember that buyers are looking for just the right amount of sparkle.
 
"Potential buyers expect that there may be some decorations, but when they arrive they are trying to envision how they would spend their day-to-day lives in the home," says Phil Soper, president and chief executive, Royal LePage Real Estate Services. "Keeping the holiday decorations to the right level will be easier if you remember the goal is to bring out the home's structural charm," Soper adds.

We know that potential buyers can be put off by a home that has too many personal items. So while trying to manage the Christmas clutter, sellers should also remove items that remind buyers that the home belongs to someone else. To assist sellers, Royal LePage compiled a top ten list of things to avoid when selling a home during the holiday season.

1. Too many lights: A home will dazzle more if lights are kept to a tasteful minimum. Sellers should opt for white lights instead of multi-coloured flashing bulbs to provide a more neutral glow to a home.
2. Forgetting to clear the snow:  Snow can look beautiful on trees, but driveways and walkways should be cleared as soon as the flakes fall.  Buyers should be able to move freely during an open house so it's important to remember all the outdoor paths and patios around your home.
3. No life or landscape: Give buyers a chance to imagine the potential in your landscape. Frost-resistant plants like flowering kale or miniature trees allow sellers to liven up walkways without taking away the buyer's ability to envision his or her dream outdoor spaces.
4. Not cozy: Everyone appreciates a warm, cozy home - especially in the winter. Set the thermostat at a warm temperature for the whole day, and be mindful that some thermostats have low temperature pre-sets during the day when no one is at home. When the home is attended, fireplaces and candles could also be lit to create a comfortable environment throughout the day.
5. Engage the senses: Simmering a pot of cider with cinnamon during open houses or showings will create a warm and festive feeling.
6. Lingering odours: Be aware of those holiday dishes that may leave a strong odour. If possible, wait until showings are completed before cooking those traditional favorites -- potential buyers will appreciate a neutral environment.
7. Hiding a home's seasonal bests: Photos of the home's back and front yards, gardens and patios in spring and summer will show potential buyers what the house looks like when it is not buried under snow and when the leaves are still on trees.
8. Don't let the tree take over: A smaller Christmas tree, with minimal decorations, will create the appearance of more space. A huge tree, on the other hand, will make the room look smaller, and busy decorations can intensify clutter.
9. Presents should not be present: It is important to cut back on clutter when showing a home; hide the wrapped presents to keep them out of eyesight.
10. Too many decorations: Remember, when selling a home during the holidays, less is always more. Whimsical ornaments can be great accents during the holidays, but be mindful not to go overboard. When it doubt, remove it!

Before shopping for a new home, it’s common — and advisable — to create a “wish list” of the features you desire most. For example, you might want an extra bedroom for guests, ample space for a home office, a local playground for the kids, and so forth.

However, many buyers don’t make their list complete enough. You might find a home with the extra bedroom and nearby playground you want, only to realize, too late, that your commute to work becomes twice as long. You missed the importance of the commute because it wasn’t on your list.  Ouch!

When you make your wish list, don’t be afraid to dream big. You might not be able to find a home that includes everything you desire, but you may be surprised by just how close you can get.

Here are some wish list items to consider:

• Distances to places you visit regularly – work, schools, running trails, recreation centers, restaurants, entertainment venues, shopping centers.
• Specific home features – a backyard tree, large closets, a fireplace, a two-car garage, a beautiful view.
• Neighborhood characteristics –safety, sidewalks, nearby public transit, playgrounds, the neighbors. 

A complete list helps you make a better decision about which homes to consider. It helps you balance the positives — “I love the large kitchen with the marble countertops” — with the negatives — “The bathroom off the master bedroom is small” — to ultimately make the best buying decision. 

Also remember to take your list with you when shopping for a new home. Use it as a checklist or as a way to organize notes.  Ultimately it will make it easier to shortlist homes, compare them, and determine when you’re ready to submit an offer. 

Want to find out which homes on the market fit your wish list? Call the Dion-Ivans Real Estate Group today!!

Below the are October Real Estate Stats provided by www.omreb.com. 

Great news, sales were up 6%!! Call the Dion-Ivans Group today for more information...

Click below to see the Kelowna highlights. Prices are projected to go up slightly and sales are also expected to rise. Great news for Kelowna!! Call the Dion-Ivans Group today for more info...